TEHRAN, May 5 (Mehr News Agency) - Though the United Nations and the West have imposed sanctions on Iran over its sensitive nuclear program, Germany is still Iran's biggest trade partner in the European Union.
Around 50 German firms have their own branch offices in Iran and more than 12,000 firms have trade representatives in the country.
Several renowned German companies are involved in major Iranian infrastructure projects, especially in the petrochemical sector.
With some $5.5 billion annual trade, Germany is Iran's major European trade partner and the third worldwide.
Iranian Oil Minister Gholam-Hossein Nozari is heading a high-ranking delegation in Germany to discuss ways for a more active presence of German companies in Iran's gas and oil projects. During the two-day visit, the Iranian delegation is scheduled to meet some major German industrialists and investment firms, IRNA reported on Tuesday.
Director of the National Iranian Gas Company's Dispatching Center Hassan Torbati said last month that a German firm is seeking the long-term purchase of Iran's natural gas.
The German company Bayerngas, which is involved in trading and transfer of natural gas, is to open an office in Tehran, Torbati said.
According to Oil and Gas Journal, as of January 2009, Iran has an estimated 136.2 billion barrels of proven oil reserves, or roughly 10 percent of the world's total proven petroleum.
Iran's 2008 estimated proven natural gas reserves stand at some 26.8 trillion cubic meters, second only to Russia, according to Oil and Gas Journal.
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